Euro-Med Finance Ministers move forward on specific projects such as the de-pollution of the Mediterranean

The Euro-Mediterranean finance ministers have moved forward on the financing of specific projects under the “Barcelona Process: Union for the Mediterranean” and affirmed their determination to continue their work in favour of economic growth despite the financial, energy and food crisis.

According to a French EU Council Presidency press release, following a meeting in Luxembourg, the ministers particularly emphasised the role played by the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) in three of the projects promoted under this process: the de-pollution of the Mediterranean, motorways of the sea and the Mediterranean solar plan. The ministers welcomed the FEMIP's new strategy, enabling it to step up its already significant efforts and stimulate investments, particularly from the private sector in favour of these three key projects.

The ministers also supported the approach adopted by Italy and Spain, in connection with other European and Mediterranean partners, to implement the Mediterranean Business Development Initiative, another specific project decided at the Paris Summit on 13 July.

On the economic situation, the reference to the Mediterranean countries notes that so far they "proved resilient to the crisis, thanks in part to the ongoing reform agenda, but the risks of economic slowdown are real, in view of the current economic slowdown within the EU."